Jefferson County bankruptcy: 5 essential links to catch you up

BIRMINGHAM, Alabama -- Jefferson County after years of turmoil, indecision and debate filed Wednesday for a Chapter 9 bankruptcy. The action was the capstone to almost a decade of financial flux during which it borrowed and refinanced more debt than the county had the ability to repay.

With the estimated $4.2 billion bankruptcy filing, Jefferson County became the largest municipal bankruptcy in U.S. history. It, in turn, starts a new chain of likely problems that will leave taxpayers facing reduced county-supplied services and much higher bills for such things as their sewer. The stigma it leaves could well limit job creation and development in the metro market and also across the state.